JoomPay Gets Luxembourg E-money License To Enable Europe To Send Money Instantly, Easily And For Free
JoomPay Europe S.A., a company incorporated in Luxembourg, new LHoFT Member, and developing a social finance app aimed to enable seamless, secure, and lightning-fast money transfers across Europe, has obtained Luxembourg Electronic Money Institution (EMI) license. With this license, the company will be able to serve European clients, empowering people to send and receive money with anyone: instantly, easily, and for free.
Europe leads instant payments evolution with $18 trillion in worldwide volume predicted by 2025 up from $3 trillion in 2020 – a growth of over 500%. West Europe is driving innovation and will account for 38% of instant payment transaction value by 2025. Europe lacks simple peer-to-peer payment solutions such as Venmo or Square Cash App in the US. People have to exchange cash which isn’t an option for online purchases, use slower and cumbersome bank transfers where they have to learn people’s IBAN numbers or utilize cross-border money transfer services that focus on large-value transactions and charge at least a few percentage points.
Joom, one of the fastest-growing shopping applications in Europe with 150M downloads across the region, developed JoomPay to solve this problem. The app allows users to send and receive money from any person, regardless of whether they use JoomPay or not – and you only need to know their email or phone number. JoomPay connects to any existing debit/credit card or your bank account and provides seamless, secure, and lightning-fast money transfers. JoomPay also provides its users with a European IBAN and an optional free JoomPay card with exceptional cashback and bonuses.
“Since COVID-19 started, we’ve seen a significant decline in cash usage. People can’t meet as easily as before but still need to send money, and we offer a viable alternative”, Yuri Alekseev, CEO, and co-founder of JoomPay, says. “The whole world goes online and we consider this as an opportunity for further development”.
Payment statistics published by the ECB show that nearly 142 billion non-cash payments were made in the European Union in 2018, equaling an annual growth rate of 7.5% over the past five years and that trend is projected to continue.
JoomPay public beta version is available for download in the App Store and Play Store — it already has more than 15,000 clients. The company will release the new version of the app under its own license to the general public later this winter, planning to continue improving the app and add new features in the near future.
Communiqués liés
Drees & Sommer lauréat du Vision Zero Award
Drees & Sommer, société leader dans le conseil et la réalisation de projets d...
PwC Luxembourg welcomes New Head of Human Resources, Delphin...
PwC Luxembourg is delighted to welcome its new Head of Human Resources, Delphine...
BESIX RED relève les défis de 2023 grâce à l’unité e...
Malgré les défis sans précédent auquel le marché immobilier a fait face tou...
ION-owned LIST connects FastTrade electronic trading system ...
LIST, an ION company, today announces that it has successfully completed the cer...
Nomination de Benoît Piccart en tant que Head of Corporate ...
Après plus de 30 années chez Baloise, Marc Folmer, Directeur de la Gouvernance...
Votre monde, votre langue, votre assurance : l'Intelligence ...
AXA Luxembourg lance une initiative invitant les habitants et futurs habitants d...
Il n'y a aucun résultat pour votre recherche